General Electric

Everybody knows multinational corporations are not paying U.S. taxes. Yet instead of making corporations cough up, our government is busy planning more screw jobs on the U.S. middle class and labor force, all under the guise of reducing spending.

Senator Bernie Sanders is trying to draw attention to the insanity with a top ten list of the worst corporate tax avoiders.

To add credibility to rhetoric, and to provide a measure of substance to minor accomplishments, politicians often cite relatively insignificant numbers and data to boost support. The most recent claim of success is being lauded today in Schenectady, N.Y., birthplace of the General Electric Co., to showcase a new GE deal with India, and to announce a restructured presidential advisory board to focus on increasing employment and competitiveness.

Obama and Hu greeted the CEOs in a room in the Eisenhower Executive Office Building (the mammoth building next to the White House that looks like a Victorian-era hotel) and made a few remarks before leaving for their presser.

“I think our goal here today was to make sure that we break out of the old stereotypes that somehow China is simply taking manufacturing jobs and taking advantage of low wages,” thereby straining the U.S. employment base, Obama said. “The relationship is much more complex than that, and it has much more potential than that.”

“I also have a message to American entrepreneurs,” Hu added. “That is, we welcome you as companies to China….We will, as always, try to provide a transparent, just, fair, highly efficient investment climate to U.S. companies and other foreign companies.”

Nice huh? China wants what is left of American innovators. Obama rolls out the red carpet to have a meet and greet.

The Plunder, Pillage and Destruction of the American Tax Base

We don’t pay taxes; only the little people pay taxes. – Leona Helmsley

PREAMBLE:
This brief blog is an attempt at a synthesis of the excellent and exemplary research of superior individuals who have sought out the ways and manner of tax evasion and tax avoidance.

When such avoidance and evasion becomes institutionalized, the impact on any society can be quite severe. Seldom do people understand the connection between massive and institutionalized tax loss and deficit (debt) spending and the existence of debt-financed billionaires (that is, debt-financed wealth).

These activities are extremely antithetical to all forms of progress, as I endeavor to illustrate here.

In the virtual economy, tax shelter design and securitized financial instrument creation rules the day. From the information presented below, one would not be remiss to believe that those with American citizenship who work to evade taxation are truly only citizens of transnationals and multinationals, not citizens of any country.

1913

The sense of responsibility in the financial community for the community is not small. It is nil. – John Kenneth Galbraith, The Great Crash

The year 1913 was fraught with momentous change. That was the year America saw the establishment of the oil depletion allowance, the Federal Reserve System, the federal income tax and the Rockefeller Foundation.

The federal income tax as we know it today was, not unexpectedly, introduced in Congress by a Republican, to be adopted as the Sixteenth Amendment to the Constitution.